Credit Unions Chartered In The State Of Michigan
- Assets
- $2.2b
- Revenue
- $89.4m
- Investments
- $5.7m
- Employees
- 210
- Location
- Midland, MI
- Founding
- 10/1956
- Data as of
- 12/2023
- EIN
- 38-0495567
Organization Overview
Credit Unions Chartered In The State Of Michigan is located in Midland, MI. The organization was established in 1956. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Credit Unions Chartered In The State Of Michigan employed 210 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions Chartered In The State Of Michigan is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2023, Credit Unions Chartered In The State Of Michigan generated $89.4m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 11.9% each year . All expenses for the organization totaled $88.6m during the year ending 12/2023. While expenses have increased by 12.0% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
DOW CREDIT UNION IS A PRINCIPLES-BASED FINANCIAL COOPERATIVE COMMITTED TO EXCEPTIONAL SERVICE, CONVENIENCE, VALUE AND SECURITY OPERATING IN ACCORDANCE WITH THE MICHIGAN CREDIT UNION ACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DOW CREDIT UNION IS A MICHIGAN STATE-CHARTERED CREDIT UNION PROVIDING APPROXIMATELY 80,993 MEMBERS WITH AFFORDABLE LOAN ACCOUNT SERVICES, SAVINGS, CHECKING ACCOUNTS, AND VARIOUS ELECTRONIC BASED SERVICES INCLUDING ATM ACCESS AND ONLINE BANKING. AS A COOPERATIVE FINANCIAL INSTITUTION, WE STRIVE TO PROVIDE OUTSTANDING MEMBER VALUE AND ARE COMMITTED TO PROVIDING SERVICES AND SOLUTIONS THAT WILL IMPROVE OUR MEMBERS' FINANCIAL LIFE. WE OFFER LOWER RATES ON LOANS, HIGHER RATES ON DEPOSITS AND CHARGE VERY FEW/LOW SERVICE FEES. WE HAVE SERVED OUR MEMBERS FOR OVER 80 YEARS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Perry Holmon Board Chairman | OfficerTrustee | 4 | $0 |
Lisa Mckenney Board Vice Chairman | OfficerTrustee | 4 | $0 |
Shandell Massey Secretary/treasurer | OfficerTrustee | 4 | $0 |
Mark Bachman Board Member | Trustee | 4 | $0 |
Lisa Bryant Board Member | Trustee | 4 | $0 |
Mark Fenske Board Member | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Inc Core Operating System Provider | 12/30/23 | $1,982,633 |
Amplifi Loyalty Solutions Credit Card Rewards Program | 12/30/23 | $1,199,795 |
Salesforce Com Inc Software Provider | 12/30/23 | $640,333 |
Insight Direct Usa Inc Tech Hardware & Software | 12/30/23 | $490,017 |
Employer Management Solutions Software Professional Svcs | 12/30/23 | $436,650 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $56,860,299 |
| Investment income | $33,665,939 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,097,041 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $89,429,197 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,811,106 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,785,817 |
| Pension plan accruals and contributions | $962,231 |
| Other employee benefits | $1,267,137 |
| Payroll taxes | $964,105 |
| Fees for services: Management | $458,508 |
| Fees for services: Legal | $119,524 |
| Fees for services: Accounting | $222,719 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $87,979 |
| Advertising and promotion | $1,492,472 |
| Office expenses | $722,444 |
| Information technology | $3,546,476 |
| Royalties | $0 |
| Occupancy | $556,629 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,107 |
| Interest | $50,179,189 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,006,674 |
| Insurance | $171,149 |
| All other expenses | $1,105,090 |
| Total functional expenses | $88,565,249 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,010,520 |
| Savings and temporary cash investments | $41,571,364 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,227,287,461 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,905,316 |
| Net Land, buildings, and equipment | $8,519,034 |
| Investments—publicly traded securities | $870,689,020 |
| Investments—other securities | $5,709,800 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $33,504,443 |
| Total assets | $2,201,196,958 |
| Accounts payable and accrued expenses | $42,989,428 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,977,175,640 |
| Total liabilities | $2,025,165,068 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $176,031,890 |
| Total liabilities and net assets/fund balances | $2,201,196,958 |